First phase of Chabahar project likely to be completed by 2018

The Cabinet has cleared proposals for the development of Chabahar port in Iran through a $150 mn credit from Exim Bank. India will equip and operate two berths in Chabahar Port Phase-I with capital investment of $85.21 mn and annual revenue expenditure of $22.95 mn on a 10-year lease. The first phase is likely be completed by 2018. Ownership of equipment will be transferred to the Iranian side on completion of the 10-year period.